The European Union (EU) decided to slap new economic sanctions on Russia over its actions in Ukraine, diplomats said on Thursday.
The sanctions will take effect on Friday following their publication in the EU’s official journal but will be reversible if the situation in eastern Ukraine improves, four diplomats said independently.
The new sanctions are expected to deepen earlier penalties targeting Russia’s oil and arms sectors, including a further tightening of access to international capital markets.
Brussels has been more reluctant than Washington to sanction Russia because of its broad economic ties. Moscow is an important gas supplier for many EU nations and it is the bloc’s third-largest trading partner overall.
The EU’s sanctions, however, have more impact than those imposed by the U.S. since the EU is Russia’s largest trading partner by far.